Monday, 26 November 2007
A reliance on state pensions is not enough and people have been reckless with their retirement plans, an expert has suggested.
Prudential's Ali Crossley said that there would come a day when people regret not taking responsibility for their pensions.
About a quarter of people planning to retire next year will be wholly reliant upon a state pension, according to research by Prudential.
Moreover, Ms Crossley said that many final salary schemes were now closed to new members.
"People really need to wake up and look at what that state pension might be, if anything, by the time they retire," she said.
She went on to add that a quarter of people had admitted to not having any pension provision at all.
Aon Consulting's third annual European Pensions Barometer Report concluded that the "adequacy" of Britian's state pensions is the worst in Europe.
Prudential Financial : State pension is not enough
Prudential's Ali Crossley said that there would come a day when people regret not taking responsibility for their pensions.
About a quarter of people planning to retire next year will be wholly reliant upon a state pension, according to research by Prudential.
Moreover, Ms Crossley said that many final salary schemes were now closed to new members.
"People really need to wake up and look at what that state pension might be, if anything, by the time they retire," she said.
She went on to add that a quarter of people had admitted to not having any pension provision at all.
Aon Consulting's third annual European Pensions Barometer Report concluded that the "adequacy" of Britian's state pensions is the worst in Europe.
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